Repsol activities in: Argentina Bolivia Brazil

Trinidad and Tobago 2007

At 31 December 2007, Repsol YPF held mineral rights over 7 offshore exploitation blocks in Trinidad and Tobago, including 30% of bpTT's offshore exploration and production assets in the country, through a share in the company BPRY, with a net area of 2,363 km2. The year's net production was 6.2 Mbbl of liquids and 267.9 bscf of natural gas, with an equivalent total net production of 53.9 Mbep (147,573 bepd). Proven net oil and natural gas reserves at the end of the year were estimated at 543.2 Mbep.

No exploratory surveys were drilled during the course of 2007.

The necessary work for the complete assessment of the gas reserves discovered in the Onyx field were undertaken during 2007 and the conclusion was reached that they were not commercially developable.

• During the fourth quarter of 2007, bpTT's fields Mango and Cashima (where Repsol YPF holds a 30% stake) entered production, which has enabled an increase in the amount of gas available for train 4 (where Repsol holds a 22.22% stake) of the Atlantic LNG liquefaction plant.

• In 2007 a regional interpretation of the Teak, Samaan and Poui blocks (TSP), which began in 2006, was completed. As a result, a total of 14 prospects and leads were identified. Work is currently underway to bring these prospects and leads to maturity. Furthermore, at the end of 2007 preparation work continued on an inventory of all of the leads identified in the area.

LNG

Repsol YPF acquired a 10% holding in the company bpTT, the holder of the productive assets in Trinidad and Tobago, with effect on 1 January 2000. In January 2003, the company exercised its option to purchase an additional 20% of said company, raising its holding to 30%.

The majority of the natural gas for the trains comes from bpTT offshore fields. Train 2 came into operation in 2002 and train 3 in 2003. The joint capacity of these two trains is 7 million tonnes per year. Repsol YPF has long-term contracts for 2.7 bcm from these trains each year.

On 15 December 2005, the fourth liquefaction train came into operation a few months ahead of schedule at the Atlantic LNG plant. Train 4, where Repsol YPF holds a 22.22% stake, has a production capacity of 5.2 million tonnes per year, thus making it one of the largest facilities of its type in the world. This project included the construction of a second mooring and a fourth LNG storage tank.

This fourth train has increased the Atlantic LNG plant's production capacity to a total of 15 million tonnes per year and maintains Trinidad and Tobago's position as one of the main Liquefied Natural Gas (LNG) providers to the Atlantic Basin market. One of the Trinidad and Tobago project's decisive advantages is its geographical position, which allows it to supply markets in the USA, the Caribbean and Europe in economically favourable conditions.

Venezuela 2007

At 31 December 2007, Repsol YPF held mineral rights over 6 blocks in Venezuela: 2 exploration blocks, with a net area of 669 km2 and 4 exploitation blocks, with a net surface 443 km2. The year's net production was 3.8 Mbbl of oil and liquids separated from natural gas and 60.1 bscf of gas, with an equivalent total of 14.5 Mbep (39,728 bepd), mainly produced in the Mene Grande, Quiriquire and Yucal Placer blocks. 

• In May 2007, Repsol YPF signed a “Memorandum Of Understanding” (MOU) with PdVSA, the conditions of which featured the inclusion of the Barua and Motatan fields within the joint venture company Petroquiriquire, in which Repsol YPF holds a 40% stake. The agreement is currently awaiting approval from the National Assembly of Venezuela, which it is expected to take place in 2008.

• During the second half of 2007, continuous generation of electricity in the Termobarrancas plant began (100% Repsol YPF).

• Repsol YPF has worked alongside PDVSA during the year to assess the Junin-7 block's reserves. The reserves assessment is expected to be completed in 2008.